Smyrna times., 1887-01-12
The Possibilities as to Silver,

Public opinion appears to have sat,lod
TO the belief that nothing will be done
at THIS session of Congress in regard 70
uhe silver question. No charge is nro.
ierable to the unlimited coinage which
some men still urge, but it is not the
part OF wisdom to conclude that no
cnange would be escape from danger
NoC many months ago the business
world was full of apprehension becauso
IL was believed that, unless the laws
could be changed, events would surely
push the Government into silver nav
ments. Wise conduct of the Treasury
averted the danger for moment. and
Chen, with revival of confidence. came
countless opportunities for Investments
and speculation which foreign capital
lsts with millions lying idle were not
SLOW to embrace. The flood of gold
from Europe has put the silver oues-
tlon out of mind for the moment. and
YET II Is mistake to suppose that the
danger which seemed so near last Juna
has been forever put away.
The large amount of gold which has
come hlther during the past season for
investment or speculation NAV be
called back at almost any time. If
war should break out in Europe. much
OF this amount would probably he
araWn from this country speedily. for
even the opportunities which American
industries and markets afford would
not excel, IN attractiveness for specu-
lators, the bOundless chances which
would then be within the reach Of mon
familiar with the business of supplying
Europeanarmies or dealingin European
STOCKS. Later, should the struggle
seem likely to last or to spread, large
permaneRt investments in this country
might follow, as the safest refuge for
money from the chances of European
disturbance. But the earliest effect
would almost certainly be withdrawal
OF funds now employed in speculation
or IN venturesOme investment here.
If large amounts in gold should be
Withdrawn, for this or any other
reason, the silver question would again
demand attention, but under new cir
cumstances. The Treasury, in order to
make business active, has disbursed its
reserve rapidly during the past six
months, and is but $40, 100000 stronger
IN gold owned than it was at the end
OF July. 1t has put into circulation
nearly $3O,00O,00O more silver certif-
Gates, which are liable to 90 into the
treasury in the payment of duties and
internal taxes so rapidly as to cause
embarrassment. 1t is not at all clear
that the amount now outstanding can
long be retained in circulation. without
such embarrassment to bankers as
would render them impatient in send
ing the notes forward for virtual re-
demption in gold through the custom
houses. This state of things is not
more impossible or improbable than it
was last June, and the amount of silver
notes in circulation is greater now than
it was then.
Congress ought not to adjourn with
out seriously considering the recon-
mendation of the President and Secre-
tary of the Treasury, if not with entire
concurrence, at least with determine
tion to guard in some way against the
dangers they have pointed out so
clearly. Abroad the decline in silver
has led the British Government to con-
slider the subject anew, and it is possible
that if Congress adjOurns without doing
anything, it may miss an opportunity |
which will not return of exerting q
powerful influences upon the decision
of European gOvernments.-NeU York |
Tribune.